1. When is use of arc elasticity concept valid compared with the use of the point elasticity?
2. When comparing the price elasticity of demand between an industry and an individual firm within that industry, when is it typically greater, and why does this difference exist?
3. Is the cross-price elasticity concept useful for identifying the boundaries of an industry or market?
4. Individual consumer demand declines for inferior goods as personal income increases because consumers replace them with more desirable alternatives. Is an inverse relation between demand and national income likely for such products?